MISSISSAUGA, Ontario--(BUSINESS WIRE)--According to results from a recent J.D. Power study, retail banks in Canada have been achieving record profits, but often at the expense of their customers. The study found that customers ranked branch teller-line wait times and perceived reduction in services as negatively impacting satisfaction – and overall loyalty.1
While these findings may seem “doom and gloom,” there is a silver lining. Cummins Allison explains how financial institutions (FIs) can use the current situation as an opportunity to retool their efforts to attract and connect with customers – focusing on coin counting and currency processing solutions that can increase overall satisfaction and address customer pain points.
Self-Service Coin Counters Impact Customer Satisfaction & Loyalty
The J.D. Power study revealed that, industry wide, the average wait time to see a teller in a branch has increased to 5.7 minutes from 3.8 minutes in 2014.1 While this may seem minor, the study points out that customers will only wait so long in line at branch, and any increase in wait time can significantly impact customer satisfaction.
Self-service coin counters fill a unique and powerful role in helping to build customer satisfaction by reducing in-branch wait times, a major cause of frustration. By providing a self-service option, tellers no longer have to spend time in the back-office counting coin since customers can perform this task themselves. And customers have a faster, more meaningful exchange with tellers when they cash-in their coin redemption receipts. This helps FIs connect with their customer base and continue to build goodwill, which is critical in a new era of consumer-oriented banking.
Eighty-nine percent of FIs cited adding a value-added service to their branches as the top reason they offer self-service coin redemption.2 Achieving high levels of overall customer satisfaction has a positive effect on loyalty and commitment, as well as share of wallet. When customers visit their branch to take advantage of coin counters, it becomes more likely that they will be receptive to other financial services.
Increase Employee Productivity for a Better Customer Experience
Quality service also plays a major role in how customers perceive an FI’s performance – in fact, customer satisfaction with personal service determines 19 percent of overall satisfaction.3 Outdated currency scanning and counting technology can slow down simple tasks and stymie productivity in the highest volume areas, such as the teller window, taking away quality time better spent interacting with customers. By using new, highly reliable technology, virtually any branch can now add value to the customer experience with ability to process large quantities of currency in less time than ever before.
Staff tasks become faster with quicker currency scanning speeds, while accuracy remains high as the currency processing equipment ensures that incorrect notes are instantly identified and counterfeit notes are detected. Utilizing these technologies does more than just boost customer satisfaction – FIs can enjoy the added benefit of saving valuable staff time and resources.
For more information on how coin counting and currency processing solutions can help turn the tide of customer satisfaction, visit www.cumminsallison.ca.
1 J.D. Power 2015 Canadian Retail Banking Customer Satisfaction Study, http://canada.jdpower.com/press-releases/2015-canadian-retail-banking-satisfaction-study
2 Evaluating the Canadian Market Opportunities for Self-Service Coin Opportunities; BranMark Strategy Group, 2013
3 J.D Power 2014 Canadian Retail Banking Customer Satisfaction Study, http://www.jdpower.com/press-releases/2014-canadian-retail-banking-customer-satisfaction-study
About Cummins Allison
Cummins Allison is the leading innovator and provider of cheque, currency and coin handling solutions. Our world-class sales and service network includes hundreds of local representatives in more than 50 offices in North America, 6 wholly-owned subsidiaries and is represented in more than 70 countries around the world. For more information about our award-winning solutions, visit www.cumminsallison.ca.